Addressing the Halal Ingredients Opportunity: Industry Developments

Prepared by Thomson Reuters and DinarStandard

MAY 2016

Addressing the Halal Ingredients Opportunity: Industry Developments

FOOD#SALAAMINSIGHTS

2 | Addressing the Halal Ingredients Opportunity: Industry Developments

Monthly Report Series | May 2016 | 3

6 1. Executive summary

8 2. Acknowledgments

12 3. Report Purpose, Scope and Methodology3.1. Report purpose and scope 123.2. Approach 13

14 4. Overview of Key Facts

16 5. Global Ingredients Industry5.1. Market segments 165.2. Key players 195.3. Trade statistics 21

26 6. Halal Market Demand6.1. Muslim consumer profile and core faith drivers 266.2. The value chain and ingredients 286.3. Problematic segments 296.4. Challenges of applying halal requirements 31

36 7. Key Players in Halal Ingredients7.1. E-commerce and product verification 367.2. Ingredient manufacturers 37

40 8. Opportunities8.1. Opportunities across stakeholder types 408.2. Companies 418.3. Investors 428.4. Regulators and intermediaries 43

44 9. Appendix

TABLE OF CONTENTS


EXECUTIVE SUMMARY


The global ingredients industry was estimated at $245 billion in 2015 across food and beverage, pharmaceuticals and cosmetics products. The industry is highly sophisticat-ed, with the leading players predominantly located in non-OIC countries, and there is a substantial range of ingredients that are sourced either from animals or that contain alcohol content.

Muslims represent a major consumer segment for the food, pharmaceutical and cosmet-ics industries, spending an aggregate of $1.3 trillion, and accounting for 17 percent of global spend across the same three industries. Muslim consumers are tied together by common values, and follow strict dietary rules, laid out in Islamic law, that specify which products are permissible, or halal, and which products are non-permissible, or haram.

1. Executive Summary


The use of forbidden

ingredients including

alcohol and products

derived from pigs,

is widespread, and

often consumed

by Muslims without

full awareness.

However, as

consumer awareness

improves, and as

regulators and OIC

member states push

for more stringent

requirements, there

will be a substantial

opportunity

for ingredients

manufacturers to

address a global,

sizeable consumer

segment.

Pigs, alcohol, and unclean animals, including insects, and any deriv-ative products, have been forbidden for consumption in Islam. De-spite this, the use of haram ingredients and unintended consumption by Muslims is widespread, with a general lack of awareness among Muslim consumers and importers. In 2014, the 57 OIC member states imported in total $33 billion of ingredients across all categories, ac-counting for 13 percent of total ingredients demand. The most notable haram ingredients include gelatin, lard, pepsin (which is used in dairy products, in particular cheese), and carmine (red coloring derived from insects).

As consumer awareness increases and as OIC member states be-come stricter in their requirements for halal ingredients, there are sub-stantial opportunities for halal ingredients manufacturers to address the global Muslim consumer market.

To address this demand, a number of ingredients manufacturers are seeking halal certification, including leading ingredients industry play-ers such as Cargill, Archer Daniel Mills, and DSM, and a halal ecosys-tem of B2B ecommerce platforms has emerged, including Dagang Halal and Zilzar, to connect ingredients suppliers with manufacturers. Although not exhaustive, this report has identified 332 halal ingredi-ents manufacturers globally leveraging a range of industry-leading sources.

While challenges remain for ingredients manufacturers to address the halal opportunity, including making operational adjustments and hav-ing to contend with varying halal standards in different countries, there are substantial opportunities for companies, private equity investors, and ecommerce platforms to help create leading global halal ingredi-ents manufacturers.


Thomson Reuters is the world’s leading source of intelligent information and a committed stakeholder of the Islamic economy. Thomson Reuters provides integrated knowledge services and solutions that enhance trans-parency, clarity, and accessibility of the Islamic economy to the global audience of businesses and professionals. We are proud to have been at the heart of Islamic banking since the first commercial Islamic bank was launched in 1975. Our involvement in developing reports such as the State of the Global Islamic Economy Report since 2013 demonstrates our institution’s commitment to developing much-needed knowledge solutions to increase transparency and improve collaboration across the industry.

The Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 to transform Dubai into the “capital of Islamic economy,” as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, supervises the efforts of the DIEDC and its board to bolster Dubai’s bid to become a global hub for the Islamic economy, encompassing a wide array of sec-tors, by harnessing the projected $6.7 trillion Islamic economy market. The DIEDC

is equipped with the financial, administrative, and legal tools to promote economic activities compatible with Islamic law in Dubai’s goods and financial services sector as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of Shariah-compliant activities to the emirate’s gross domestic product and explore how to extend this contribution to boost the economy. The DIEDC is also mandated to creating new products and lines of service to law firms specializing in finance structuring.

Supported by:

DinarStandard™ is a growth strategy research and advisory firm empowering organizations for profitable and responsible global impact. DinarStandard specializes in the halal/tayyab food, Islamic/ethical finance, halal travel, Islamic NGO, and OIC member country sectors. Since 2008, DinarStandard has been advising organizations globally on market expansion, business/investment strategies, and innovative marketing strategies. Its clients include global multinationals, Islamic financial institutions, halal market startups, and NGOs.

Produced by:

In collaboration with:

2. Acknowledgments


Report Team

Report Authors and Analysts:

Haroon Latif, Director, Strategic Insights, DinarStandard

Usama Al-Za’tari, Senior Associate, DinarStandard

Yasir Malik, Senior Analyst, DinarStandard

Report Advisor

Rafi-uddin Shikoh, Managing Director, DinarStandard

Research Analyst

Yasir Malik, Senior Analyst, DinarStandard

Report Design

Studio of KUNG PIK LIU

Bongi Designs

Disclaimer: The data in this report are believed to be correct at the time of publication, but their accuracy cannot be guaranteed. Please note that the findings, conclusions, and recom-mendations that Thomson Reuters and DinarStandard have delivered are based on infor-mation gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the views of Thomson Reuters. As such, the information contained in this report is intended to provide general information only and, as such, should not be considered as legal or professional advice or a substitute for advice covering any specific situation. Thomson Reuters and DinarStandard specifically disclaim all liability arising out of any reliance placed on this material. Thomson Reuters and Dinar-Standard make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or suitability of this material for your purposes.

Thomson Reuters 2016 All Rights Reserved.

The material in this report is subject to copyright. Because Thomson Reuters and the Dubai Capital of the Islamic Economy initiative encourage dissemination of this report, this work may be reproduced, in whole or in part, for non-commercial purposes as long as full attribu-tion to this work is given.



REPORT PURPOSE, SCOPE AND METHODOLOGY


3.1. Report purpose and scope

ObjectiveThe global ingredients industry was estimated at $244.8 billion in 2015 across food, phar-maceutical, and cosmetics products. Muslims are a consumer segment, accounting for 17 percent of global spend on food and beverage and 7 percent of global spend on cosmetics and pharmaceutical products. Islamic law sets out clear guidelines on what Muslims can and cannot consume; however, non-permissible ingredients, including derivatives of pig and alco-hol, are prevalent in significant numbers in many products that are often imported by Organi-zation of Islamic Cooperation markets without sufficient scrutiny or awareness.

This report seeks to explore the challenges, current landscape, and opportunities for food, cosmetics, and pharmaceutical products manufacturers in addressing Muslim consumer demand for halal ingredients.

Target audienceThis report has been designed for a broad set of readers, including current and prospective halal ingredients manufacturers, other halal food companies across the value chain, halal food regulators, and investors in the halal food industry.

3. Report Purpose, Scope and Methodology


3.2 Approach

Primary research Expert interviews were conducted with the following individuals to gain additional insights:

Abid Masood, Technical Director, Halal Food Council of Europe (halal food certifier)

Fe Jazzareen Mor Jappar Khan, Director, Persis Management (halal training and consultancy firm)

David Ventura, Sales and Marketing Director, Grupo Carinsa (leading European flavors and fragrances manufacturer)

Stephan Heck, Director of Quality, DSM Nutritional Products (leading food, cosmetics, and pharmaceutical products manufacturer)

Emil Ammann, Regulatory Manager, Givaudan (leading ingredients manufacturer for the cosmetics industry – based on his participation in the Global Islamic Economy Summit Halal Products Roundtable in London, 2016)

Existing research was also leveraged, including the State of the Global Islamic Economy Reports produced between 2013 and 2015, prepared by Thomson Reuters in conjunction with DinarStandard. Further, in-house datasets and insights were used by DinarStandard to support opportunity identification and landscape analysis.

Secondary research A wide range of secondary sources were used to support key findings, including, but not limited to, the websites of key certifying and accreditation bodies, B2B halal e-commerce providers, company websites, and news articles.


4. Overview of Key FactsINGREDIENTS MARKET KEY SEGMENTS AND

OIC IMPORTS

250

200

150

100

50

$150b

$21b$20b

$16b

$32b$6b $244b

$33b

$ billion

Active Pharma ingredients

2015

Cosmetics ingredients

2015

Sauces & Marinades (Food)

2015

Thickening Agents (Food)2015

Other Food ingredients

2015

Other Pharma ingredients

2015

Total ingredients market2015

Total OICimports2014

IMPLICATION OIC imports account for more than 10% of the global ingredients market

Source: Markets and markets, Research and Markets, Euromonitor, DinarStandard analysis

KEY EXPORTERS AND IMPORTERS OF INGREDIENTSTO THE OIC, 2014

IMPLICATION High concentration of ingredients imports in top five OIC markets

1

2

3

35

53

2

1

4

1

2

3

4

5

1

2

3

4

5

$ billion $ billion

Russia

China

U.S.

Germany

France

Turkey

Malaysia

Saudi Arabia

Indonesia

UAE0.8b

$2.2b

$1.9b

$1.7b

$1.4b

$0.9b

$3.1b

$3b

$2.6b

$1.4b

$1.2b

1 2 3 4 5 124 35

Top exporting countries to the OIC

25% of ingredients exports to OIC

Top importers in the OIC

33% of ingredients imports in the OIC

Source: ITC Trade Map, DinarStandard analysis

OIC imports accounted for more than 10% of the global ingredients market


SOURCE INGREDIENT

GelatinMeatBlood

Fat / LardPepsin / Enzyme

CarmineAlcohol flavoring

VinegarSoy Source

Core Ingredient(e.g., meat /vegetables / carbohydrate)

C2H5OH

End Consumer

Packaging

ConsumableProduct

HARAM-MASBOOH

HARAM / MASBOOH

IMPLICATION Use of non-halal ingredients in widespread food items necessitating Halal certification

COMPLEXITY OF INGREDIENTS IN THE HALAL FOOD VALUE CHAIN

Source: DinarStandard synthesis and analysis

VALUE CHAIN AND LANDSCAPE OVERVIEW FOR HALAL INGREDIENTS

IMPLICATION Emerging ecosystem for Halal ingredients manufacturers

SUPPLY MANUFACTURING CHANNELS B2B END CUSTOMER

Number ofkey players

Top marketsMalaysia

ChinaUK

MalaysiaChina

Raw materials suppliers

Halal ingredients

manufacturers

Ecommerce

Distributors

Brand manufacturers

300+ 5

Source: DinarStandard synthesis and analysis

Main channels


5.1. Market segmentsThe ingredients market is a critical segment that cuts across the food, cosmetics, and pharmaceuticals industries, totaling $244.8 billion in 2015 and projected to grow at a cumulative annual growth (CAGR) of 5.8 percent to reach $324.4 billion by 2020.

Food ingredients productsThe size of the food ingredients market has been estimated at $66.8 billion in 2015 and is expected to grow at a CAGR of 5 percent to reach $85.4 billion in 2020.1

The food ingredients market is segmented into flavors, colors, thickeners, sugar substitutes, functional ingredients, coatings, and sauces and marinades.

The growth of the food ingredients market is driven by innovative manufacturing methods, which have encouraged the use of encapsulation technologies and modern processing procedures. Increased demand for processed, packaged, and convenience foods have stimulated ingredients development along with growing consumer purchasing power.

Flavors, thickeners, sugar substitutes, and sauces and marinades account for over 90 percent of the total food ingredients market.

Sauces and marinades are essentials for cooking and food preparation. Condiments and sauces are used to enhance flavor and improve food and serving appearance.2

Thickening agents are used across a variety of sectors, including food, to create thicker liquid products from their less dense liquid forms.

Sugar substitutes replace sugar with other substances, which is helpful for health-conscious consumers who require low-calorie products.3

Flavors are used to enhance taste in processed, organic, and healthy food products.4

5. Global Ingredients Industry

1 “Specialty Food Ingredients Market Worth 91.2 Billion USD by 2020,” MarketsandMarkets, 2016.2 “Global Sauces, Condiments and Dressings Market 2015: Trends, Analysis and Forecasts to 2021 for the $24 Billion Industry,” Research and Markets, 2015.3 “Sugar Substitutes Market Worth 16.52 Billion USD by 2020,” MarketsandMarkets, 2015.4 “Flavors Market to Reach $15.2 Billion, Globally, by 2020—Allied Market Research,” Allied Market Research, 2015.

Table: Food ingredients market subcategories, 2015–2020Sub-segment 2015 size 2020 size (projected) CAGR 2015-2020Sauces and marinades $19.5 billion $23.9 billion 4.0%Thickening agents $15.7 billion $20.7 billion 5.7%Sugar substitutes $13.1 billion $16.5 billion 5.0%Flavors $12.3 billion $15.2 billion 4.3%Other $6.2 billion $9.1 billion 8.0%Total food ingredients market size $66.8 billion $85.4 billion 4.2%


Pharmaceutical ingredientsThe global pharmaceutical ingredients market is estimated to grow by 6.5 percent CAGR from $156.6 billion in 2015 to $214.5 billion in 2020.

Pharmaceutical ingredients are primarily made up of two substances, active pharmaceutical ingredients (APIs) and pharmaceutical excipients.5 APIs are substances in drugs that actively benefit consumer health by treating and preventing diseases. Excipients are inactive substances in drugs that serve as a vehicle to stabilize APIs.

Market growth can be attributed to the expiration of drug patents and the spread of cancer and lifestyle- and age-related diseases. Due to the high safety and efficiency risks of APIs, the market is highly regulated by local food and drug administration authorities.6

This drives the price for APIs higher, as manufacturers must meet stringent requirements for high quality products. APIs are the largest substance cost within fully manufactured pharmaceutical drugs. Recent investments in biological and biosimilar drugs have also supported market growth.

The largest customer segments within the API market by synthesis are synthetic chemical APIs and biotech APIs. APIs are produced using raw materials by different means, including biotechnological cell culture and fermentation, chemical manufacturing, extraction, and purification.7 APIs are further classified under innovative, generic, and over-the-counter (OTC) drugs.

Pharmaceutical excipients are segmented by organic and inorganic chemicals, which serve as binders, coatings, colors, sweeteners, and flavors, and also perform more inactive functions in pharmaceutical drugs.

5 “How Has Manufacturing Its Own Active Pharmaceutical Ingredients Helped Mylan?”, Market Realist, 2016.6 “Current Regulatory Requirements for APIs,” Innovations in Pharmaceutical Technology, 2015.7 “Good Manufacturing Practice for Active Pharmaceutical Ingredients,” European Medicines Agency, 2000.8 “Active Pharmaceutical Ingredient Market by Type (Innovative, Generic), Type of Synthesis (Synthetic, Biotech), Type of Manufacturer (Captive, Merchant), Therapy (Oncology, Diabetes, Orthopedic, CNS, Nephrology, Ophthalmology)—Global Forecast to 2020,” MarketsandMarkets, 2015.9 “Pharmaceutical Excipients Market by Products (Organic Chemicals, Inorganic Chemicals), Functionality (Fillers, Binders, Lubricants, Preservatives), & by Route of Administration (Oral, Topical, Parenteral, Others)—Global Forecast to 2019”, MarketsandMarkets, 2015.

Table: Pharmaceutical ingredients market subcategories, 2015–2020Sub-segment 2015 size 2020 size (projected) CAGR 2015-2020

Active pharma Ingredients 8 $150 billion $206 billion 6.5%

Excipients $6.6 billion $9 billion 6.7%

Total pharmaceutical ingredients market size $66.8 billion $214.5 billion 6.5%


10 “Global Market for Cosmetic and Toiletry Ingredients to Reach $24.5 Billion in 2018,” BBC Research, 2012.11 “Cosmetic Ingredients Market: Global Industry Analysis and Opportunity Assessment 2015–2025”, Future Market Insights, 2015.

Sub-segment 2015 size 2020 size (projected) CAGR 2015-2020

Specialty additives $4.3 billion $5.4 billion 4.7%Active ingredients $2.4 billion $2.9 billion 4.3%Processing aids $3.5 billion $4.4 billion 4.5%

Other ingredients (53 percent share of total cosmetic ingredient market) $11.3 billion $14.1 billion 4.6%

Total cosmetics ingredients market size $21.4 billion $26.8 billion 4.6%

Table 3: Cosmetic ingredients market subcategories, 2015–2020*

Cosmetics ingredientsThe global cosmetics and toiletry ingredients market is expected to grow from $21.4 billion in 2015 to $24.5 billion in 2018 by 4.6 percent cumulative annual growth. Extrapolating the CAGR to 2020 implies a $26.8 billion market by 2020.10

Cosmetic ingredients are substances that are blended to develop the composition of cosmetic products, which may include skin and hair care products, soaps and body washes, perfumes, and hygiene products. There are four functional ingredient segments that make up the cosmetic ingredients market: specialty additives, processing aids, active ingredients, and other ingredients.

Market growth has been driven by increasing demand for good quality cosmetic products, improved lifestyles in developing countries in Asia and Latin America, and the increasing awareness of beautification and the importance of skin care that is spread through urban marketing campaigns.11


5.2. Key playersThe ingredients market is fragmented, with a large number of players. In Section 7 of this report, over 300 halal ingredients manufacturers are identified, and these likely represent a small proportion of the global ingredients manufacturing landscape.

However, there are notable diversified multinational players across food, pharmaceutical products, and cosmetics with revenues exceeding $1 billion that have commanded a sizeable share of the ingredients market. A selection of the largest companies across each category are included below, showing a heavy concentration of companies headquartered in the United States and India.

12 Information sourced from company websites.

Table – Key ingredients manufacturers across food, pharmaceutical products, and cosmetics12

Company Ingredients Segment

Revenues (2015) Headquarters Major

products Description

Cargill, Inc.

Food $120.4 billion United States

Starches, sauces, sweeteners, oils

Founded in 1865, Cargill, Inc. focuses on ingredients, including starch, sauces, and sweeteners. Cargill has a strong international presence, with nearly 150,000 employees in 70 countries.

Archer Daniels Midland Company

Food $81.2 billion United States

Starches, sauces, sweeteners, oils, emulsifiers

Archer Daniels Midland (ADM) Company was founded in 1902 and serves consumers and businesses globally. Products range from sweeteners, starches, and glucose to wheat flour and ethanol.

Koninklijke DSM N.V.

Food $8.8 billion Netherlands

Enzymes, cultures, yeast extracts

Koninklijke DSM N.V. (DSM) is a multinational chemical ingredients manufacturing company founded in 1902. DSM manufactures food enzymes, flavors, and other specialty ingredients.

Kerry Group

Food $7 billion Ireland Flavors, sweeteners

Kerry Group is a food ingredients and flavor manufacturing company founded in 1972.


Company Segment Revenues (2015) Headquarters Major therapeutic areas Description

Teva Pharmaceuticals Industries Ltd

Active pharmaceutical ingredients

$76.2 billion Israel CNS disorders, respiratory diseases, oncology

Teva Pharmaceuticals Industries Ltd. is a pharmaceutical company founded in 1901. The company is the largest generic drug manufacturer and also produces active pharmaceutical ingredients.

Novartis International AG


$50.3 billion Switzerland

Cardio metabolic diseases, retina disorders, respiratory diseases, neuroscience, immunology, dermatology, oncology, gene therapy

Novartis International AG is a pharmaceutical company founded in 1996. Novartis handles ingredient manufacturing and distribution.

Sun Pharmaceutical Industries Limited


$4.2 billion (2014) India

Psychiatry, anti-infection, neurology, cardiology, orthopedics, urology, respiratory, oncology, diabetes, etc.

Sun Pharmaceutical Industries Limited is a pharmaceutical manufacturing company founded in 1981. The company focuses its manufacturing and sales on active pharmaceutical ingredients.

Dr. Reddy’s Laboratories


$2.2 billion India

Gastrointestinal diseases, oncology, pain management, cardiovascular diseases, dermatology, nephrology, urology, dental diseases, diabetes

Dr. Reddy’s Laboratories is a pharmaceutical company founded in 1984 that manufactures over 60 different active pharmaceutical ingredients.

The Dow Chemical Company

Cosmetics $48.8 billion United States

Chemicals, plastics, performance chemicals, catalysts, coatings, crop technology, crude oil and natural gas exploration and production

The Dow Chemical Company is a U.S.-based chemical company founded in 1897. Chemicals manufactured by Dow are serviced in personal care products. The company recorded revenues of $48.8 billion in 2015.

Sumitomo Chemical Co., Ltd.

Cosmetics$21.8 billion(2013)

Japan

Crop protection chemicals, fertilizers, feed additives, household and public hygiene, insecticides, active pharmaceutical ingredients and intermediates

Sumitomo Chemical Co., Ltd. is a Japanese chemical manufacturing company founded in 1925 that offers ingredients for personal care, pharmaceutical products, and many other sectors.

Solvay S.A.

Cosmetics $14.2 billion Belgium Coatings, plastics, polymers, fluids, elastomers

Solvay is a chemical company founded in 1863.

Ashland Inc.

Cosmetics $5.4 billion United StatesPolymers, emollients, emulsifiers, preservatives, biofunctional materials

Ashland Inc. is a U.S.-based chemical manufacturing and distribution company founded in 1924. Ashland has a specialty ingredients division that offers products in the personal care market.


5.3. Trade statisticsIn aggregate, members of the OIC imported $33 billion in food, pharmaceutical, and cosmetic ingre-dients across over 20 individual product categories in 2014, an increase of 2.4 percent cumulative annual growth from $31.5 billion imported in 2012.13

The top ten product categories accounted for $26.4 billion, or 80 percent, of the product categories imported by the OIC, with the top three product categories predominantly food-based, including food preparation concen-trates, palm oil and its derivatives, and sunflower and cotton-seed oil, altogether accounting for $11 billion, or a third, of total imports.

The top five importing countries accounted for $11.3 billion, or 33 percent, of the total ingredients imported into the OIC. They include Turkey ($3.1 billion), Malaysia ($3 billion), Saudi Arabia ($2.6 billion), Indonesia ($1.4 billion), and the United Arab Emirates ($1.2 billion).

The top five exporting countries accounted for $8.2 billion of ingredients imported in 2014, or 25 percent, and comprise Russia ($2.2 billion), China ($1.9 billion), the United States ($1.7 billion), Germany ($1.4 billion), and France ($0.9 billion).

Figure – Overview of key OIC ingredients trade statistics

Table – Breakdown of ingredients imported by OIC countries, 2012–14

Ingredient Predominant industry

Top three OIC importing countries (largest to smallest)

2012, $ in 000s

2014, $ in 000s

CAGR percent (2012–14)

Food preparation concentrations (incl. proteins)

Food Saudi Arabia, Malaysia, United Arab Emirates 4,773,999 5,604,965 8.4

Palm oil and its fractions Food Malaysia, Turkey, Pakistan 8,449,387 7,657,499 −4.8

Safflower, sunflower and cotton-seed oil and its fractions

Food Turkey, Iraq, Syria 3,816,928 4,002,017 2.4

13 All figures soured from ITC Trade Map.

Source: ITC Trade Map statistics


Ingredient Predominant industry

Top three OIC importing countries (largest to smallest)

2012, $ in 000s

2014, $ in 000s

CAGR percent (2012–14)

Soya bean oil and its fractions Food Algeria, Bangladesh, Egypt 2,207,448 2,658,137 9.7

Antibiotics Pharma Turkey, Egypt, Iran 1,067,278 1,286,852 9.8

Sauces and condiments Food Saudi Arabia, United Arab

Emirates, Malaysia 916,642 1,133,615 11.2

Coconut oil Food Malaysia, Turkey, Egypt 1,039,243 1,202,531 7.6

Extracts of coffee and tea Food Saudi Arabia, Turkey, Malaysia 826,463 961,778 7.9

Animal fats Food Turkey, Malaysia, Indonesia 1,465,989 1,029,384 −16.2

Fixed vegetable fats Food Malaysia, Saudi Arabia, United Arab Emirates 1,326,607 882,606 −18.4

Pro-vitamins and vitamins Food, pharma Indonesia, Turkey, Malaysia 496,313 586,769 8.7

Lacs, gums, and resins Food Indonesia, Saudi Arabia,

Malaysia 480,562 530,909 5.1

Yeast Food Saudi Arabia, Sudan (North and South), Algeria 420,800 532,844 12.5

Soups, broths, and preparations Food Saudi Arabia, Qatar, Niger 355,987 483,530 16.5

Olive oil Food Saudi Arabia, United Arab Emirates, Kuwait 192,384 292,403 23.3

Gelatin Various Indonesia, Iran, Turkey 105,856 145,126 17.1

Other Various 3,414,558 3,900,631 6.9

Total 31,356,444 32,981,956 2.4 : Total CAGR




HALAL MARKET DEMAND


6. Halal Market Demand

6.1. Muslim consumer profile and core faith driversIn 2014, Muslims spent $1,128 billion on food and beverage, which represented 16.7 percent of global food-and-bever-age expenditure. Furthermore, Muslims spent an estimated $75 billion on pharmaceuticals and $54 billion on cosmetics, both of which represented 7 percent of their global expenditure on pharmaceuticals and cosmetics respectively.14

While there is variation in how far different Muslims adhere to halal, it is vitally important for all stakeholders across the food, pharmaceutical, and cosmetics value chains to understand the basic requirements of halal.

Elaborating on Islamic requirementsThe most well-known prohibited items are pork and alcohol and their by-products, but permitted animals that have not been slaughtered in accordance with Shariah law are also forbidden.

The term halal in Islam simply means permissible, or what is lawful, while the term haram means the opposite—what is unlawful and prohibited. The terms can apply to different types of food and beverages that Muslims are either permitted to or prohibited from consuming.

The following verse in the Quran clarifies impermissible meats:

“Forbidden to you are carrion, blood, the flesh of swine, the animal slaughtered in any name other than Allah’s, the animal which has either been strangled, killed by blows, has died of a fall, or by goring or devoured by a beast of prey—unless it be that which you yourselves might have slaughtered while it was still alive—and forbidden to you also that which was slaughtered at the altars.” (Surat Al-Maidah 5:3)

Furthermore, alcohol is clearly not permitted for consumption:

“O you who believe! Intoxicants and gambling and stones and divining arrows are only an infamy of Satan’s handi-work. Leave them aside in order that you may succeed.” (Surat Al-Maidah 5:90)

However, there is a broader range of prohibitions relating to unclean items, or najs, that cannot be consumed.

The well-regarded scholar Sheikh Yusuf Al Qaradawi has identified as haram the following additional ingredients and items, also notably listed by both the Halal Development Corporation of Malaysia and the UK-based certifier the Euro-pean Halal Development Agency:15

Blood or any of its derivatives

Any wild animal with canine teeth, including the lion and the wolf, that preys on other animals

Any animal considered unclean, such as insects and dogs

Any bird with talons, such as hawks or eagles

Any product derived from human beings

However, there is often considerable uncertainty on whether ingredients are halal or haram, resulting in a broad range of interpretation. The term mashbooh, literally meaning “doubtful” or “questionable,” is also used to de-scribe what is not known categorically as halal or haram. It is usually applied to categories of products or ingredients about which the source is either unknown or not easily determinable, and on which no clear judgement can be made as to its permissibility. 14 State of the Global Islamic Economy 2015–16, Thomson Reuters and DinarStandard, 2015.15 “The Lawful and Prohibited in Islam,” Sheikh Yusuf Al Qaradawi, 1960 (original publication)



Source Ingredient

Core Ingredient(e.g., meat /vegetables / carbohydrate)

C2H5OH

End Consumer

Packaging

ConsumableProduct

HARAM

HARAM / MUSBOOH

6.2. The value chain and ingredientsThe use of halal ingredients is of critical importance for Muslim consumers, and the value chain illustration shows the ease with which an entire product can be rendered haram, or unsuitable, with the inclusion of non-permissible ingredi-ents, even if the core ingredient itself is halal. These ingredients could be derived from pigs, alcohol, or other sources and would require careful detection and vigilance by the importing authorities in OIC countries, and ultimately, the end consumer.

While products and inputs certified as vegetarian may be suitable for Muslim consumers (as they would be free from meat), there is still a risk that such products may contain alcohol. Similar risks could arise from consumer kosher-certified products. As such, there is a strong case for securing halal certification to address Muslim demand.

Figure – The complexity of consumable products manufacturing

Source: DinarStandard analysis


6.3. Problematic segmentsThe table below shows the prevalence of ingredients derived from pigs, alcohol, and other sources deemed imper-missible for consumption in Islam. Major ingredient categories that are haram or more likely to be made of haram ingredients include gelatin, lard, cheese, carmine (used as a colorant in food), dairy products that include pepsin, and products that include alcohol as flavoring.

The gelatin industry was valued at $2.7 billion in 2015. About 45 percent of gelatin is sourced from pig and more than 50 per cent from cows. The very small proportion that would be acceptable for Muslims is either from ha-lal-slaughtered animals or from fish.16

Abid Masood of the Halal Food Council of Europe commented, “Gelatin for food consumption is among the most problematic ingredient categories—its use is very widespread and its source [is] most likely not halal, and probably from pigs.”

Stephan Heck of DSM Nutritional Products noted, “There are a lot of invisible processes in the ingredients industry that consumers would not know about. The use of fermentation, which creates alcohol, and animal-derived products is so widespread that many products would not be suitable, or would be questionable, for Muslim consumers.”

16 “Addressing the Demand for Halal Gelatin in Food Products,” Salaam Gateway, http://food.salaamgateway.com/en/food/story/SALAAM10042016082408/, accessed on 25 May 2016.17 Unless otherwise stated, the source for all views is based on a consensus review of the International Islamic News Agency (IINA) and discussions with key experts Abid Masood and Fe Jazzareen Mor Jappar Khan, who by virtue of their industry experience have been able to provide a consensus regulatory view from Europe and Malaysia respectively.18 "Guide to Understanding Halal Foods," Toronto Public Health, 2004.19 "Fiqah and Science," Muslim Consumer Group, 2016.

Table - Ingredients derived from pigs

Part Ingredient/ product Application Sector/

status Islamic consensus view17

MeatPork meats, bacon, sausage, ham

Meat for consumption, flavoring, as ingredients Food/haram Pork that is easily identifiable is not permissible for

consumption.

Bone and cartilage

Gelatin as foaming agent, stabilizers, emulsifiers, gelling agent

Multiple: ingredients and additives in yogurt, confectioneries, snacks, cakes, ice cream, bakery products, marshmallows

Food/haram

Gelatin that is clearly sourced from pigs is not permissible and falls in the same category as pork. Most gelatin is sourced from either pigs or animals that were not slaughtered in accordance with Shariah law

Gelatin as processing aid

Used as a clarifying agent in apple juice

Food/mashbooh

Processing aids are typically not disclosed in ingredients, and as such it is difficult to determine where the gelatin is sourced from.

Skin Collagen Anti-aging skincare products Cosmetics/mashbooh

Collagen could be sourced from many different animals. Furthermore, there is disagreement over whether external application is acceptable and if there is substantiation during the production process.

Blood Blood cake Food filler, food colorant, animal feed Food/haram Blood from any source is considered haram for consumption.18

Hair Amino acidsCommon source of amino acid; L-cysteine is used in bread production

Food/haramThe animal source of amino acids is often not disclosed and hence may not be acceptable for consumption.19


20 "Guide to Understanding Halal Foods," Toronto Public Health, 2004.21 Unless otherwise stated, the source for all views is based on a consensus review of the IINA and discussions with key experts Abid Masood, David Ventura, Stephan Heck, and Fe Jazzareen Mor Jappar Khan, who by virtue of their industry experience have been able to provide a consensus regulatory view from Europe, with added perspectives by Fe from Malaysia.22 "Fiqah and Science," Muslim Consumer Group, 2016

Fat

Lard Multiple: cooking oil, cheese, bread Food/haram Lard is clearly and solely derived from pigs and is not permissible, falling in the same category as pork.

Glycerin Humectant, solvent, sweetener, preservative, thickener

Food/mashbooh

The source of many substances related to animal fats is not clearly determined or disclosed. Not knowing the underlying source renders many of these products mashbooh. If clearly derived from pigs, the products would be considered haram.

TriglyceridesUsed in foods that require spread ability and smoothness, such as spreads (butter, jam)

Food/mashbooh

Stearic acid Margarine, spreads, shortening Food/mashbooh

Monoglyceride/diglycerides

Emulsifiers used in snacks, ice cream

Food/mashbooh

Enzymes Enzyme (pepsin, lipase)

Cheese processing, juices, dairy products, baby food, starch, the sugar industry

Food/mashbooh

Determining the source of enzymes can be difficult and not always disclosed. If clearly derived from pigs, the products would be considered haram.20

Insulin (from pancreas), heparin (from the mucus of intestines)

Pharma/mashbooh

Insulin and heparin are both considered life-saving products, so there is debate about the extent to which they are permissible.

Ingredient/ product Source Application Sector/

status Islamic consensus21

Wine Grapes Distinctive: alcoholic beverages prepared for direct consumption or used as ingredients and flavor enhancers

Food/mashbooh

Consuming alcohol is forbidden, regardless of whether it is used as a beverage or flavor enhancer.

Beer Grains: barley, wheat, maize, malt

Sake Rice Japanese rice wine, used as food condiment (sushi)

Mirin Japanese condiment, used in making teriyaki sauce

Makgeolli Korean rice wine, ingredient in Korean pancakes

Carmine InsectsWidely used as a colorant (producing a red color) across multiple food products

Food/haram Insects are considered unclean and their consumption in any form is forbidden.

Soy sauce from fermentation Soybean Various types of soy sauce, used

as food condiment and flavoringFood/ mashbooh

Alcohol is created as a result of the fermentation of soy and vanilla beans.

Vanilla essence or flavoring from fermentation

Sources of flavoring such as vanilla beans

Flavoring in yogurt, confectioneries, snacks, cakes, ice cream, bakery products, marshmallow, etc.

Food/ mashbooh

While the amount of alcohol varies, the level is often not reported, and there is difference of opinion as to how much alcohol is allowed in food or beverage products.

Vinegar Vinegar Apple cider, balsamic vinegar Food/ mashbooh

While vinegar is broadly allowed and considered acceptable, those vinegars that contain wine or are made from grape are considered haram.

Placenta Human or animal parts

Functional ingredients for cosmeceuticals and skincare; common source of amino acid

Cosmetics/ mashbooh

The extent to which products are permissible depends firstly on whether it is ingested or applied externally. Determining the exact source of ingested products may be difficult as there are synthetic production methods, and as such the ingredient remains unclear.22

L-cysteine L-cysteine used in bread production

Food/ mashbooh

Table – Ingredients/products derived from alcohol and other sources


1 23

4Consumes (non-pork) meat products assumed to be halal

Non-alcoholic beverages

Consumes zabihah, halal-certified meat products

Non-alcoholic beverages

Consumes zabihah (non-stunned), halal meat products

Particular about other processed food & beverages with halal- certified ingredients

Consumes healthy and organic halal- certified food and beverages

23 “Haram ingredients in most imported food items”, Dawn (Pakistan), 2015

6.4. Challenges of applying halal requirementsAs manufacturers seek to address the halal opportunity, there is a broad range of challenges they face.

(1) There is a variation in the level of awareness and adherence among Muslim consumers, but halal is becoming increasingly important.

In reference to the four shades of awareness below, there is variance in the level of awareness of the Muslim consumer.

At a basic level, Muslims will seek to avoid consuming pork, alcohol, and any animal that has not been slaughtered in accordance with Islamic law, but to a large extent, they will assume many products to be halal. This consumer may be typical of OIC countries; by way of example, in Pakistan, 19 popular imported food products were flagged by a senior government minister in 2015 as containing haram ingredients.23

However, as Muslim consumers become more sophisticated, they increasingly expect to see halal certification across the product categories they consume, including pharmaceutical and cosmetics products, and put the onus on manu-facturers to secure certification.

Figure: Shades of awareness

Source: State of the Global Islamic Economy 2013/14


The lack of awareness of how widespread non-halal ingredients are is due in large part to the complexity of the produc-tion process. Fe Jazzareen Mor Jappar Khan of Persis Management observed:

“Use of technology or genetic engineering gearing for higher yield, and optimization of resources—these commercial-ly important decisions are not made based on what’s critical for the Muslim consumers. As such, we find numerous products [that appear] harmless are in fact haram for Muslim consumption. Take, as an example, apple juice. These are fruits made into juices and sold in bottles. How can it be haram? Would the average consumer expect that the processing of apple juice utilizes gelatin, which are highly likely derived from pigs, as a “filter” to produce clear juice?”

A key part of marketing to consumers is raising awareness about the underlying issue, which is an industry-wide under-taking. Stephan Heck commented:

“[Muslim] consumer awareness is very low at this point about what they can and cannot eat. There are more and more educated people, and they start checking the labels in detail. However, many of them don’t know and it’s up to the companies to communicate the challenge and their halal status to consumers. As an intermediate supplier, we provide assurance to our customers that we follow the halal process.”

(2) There are no common standards, and being halal-certified does not guarantee access to the global market.

There are over 400 certification bodies globally, and they do not follow one consistent standard. While the global halal industry has several leading standards, including those developed by the Standards and Metrology Institute of Islamic Countries (SMIIC), the Emirates Standards and Metrology Authority (ESMA), and the Department of Standards of Ma-laysia, most certifying bodies do not follow any standards.

As such, there is tremendous confusion in the industry, in addition to a costly process of following multiple standards in order to access different export markets.24

Commenting on this industry confusion in the Global Islamic Economy Summit Roundtable in London in April 2016, Emil Ammann of Givaudan stated, “We are willing to follow any standard, but there has to be an agreement.”

There are many points of difference between what scholars and certifiers accept as halal. One of the divisive issues is whether stunning, a common legal requirement that was highlighted as a major issue at the Global Islamic Economy Summit Roundtable in London, is acceptable for the certification process.

The recent establishment in May 2016 of the International Halal Accreditation Forum (IHAF) in Dubai is a key step toward ensuring mutual recognition and broader market access for manufacturers. While steps are being taken to streamline halal food regulation with the establishment of accreditors to oversee the industry, for now, manufacturers will need to understand which markets they can export to.

(3) Gaining complete control over the supply chain can be tricky and requires careful investment in the supply chain.

The complexity of the supply chain and high incidence of haram ingredients require careful vetting of potential suppli-ers to ensure halal compliance. Leveraging e-commerce platforms such as DagangHalal and Zilzar, which have built a database of halal ingredients and end-product manufacturers, will help to develop the necessary ecosystem to ensure halal compliance.

Commenting on the challenge of finding a suitable and reliable halal supplier, Stephan Heck said, “When we pick up a new supplier, I need to know who is halal. I’m very keen that our guys build up some relationships—at the end we need to know if you can trust. It’s a very hard process and you can never test everything. Especially when you look into some of the halal requirements—you need to go into a lot of depth.”

24 “Resolving the Current Inefficiencies in the Global Regulation of Halal Food,” Salaam Gateway, http://food.salaamgateway.com/en/food/story/Resolving_the_cur rent_inefficiencies_in_the_global_regulation_of_Halal_Food-SALAAM13042016195204/, accessed on 25 May 2016.




KEY PLAYERS IN HALAL INGREDIENTS


7.1 E-commerce and product verificationE-commerce and product verification both play a key role in driving growth in the halal ingredi-ents industry.

Five key players have emerged that have a role in facilitating trade between halal ingredients manufacturers and providing direct assurance to consumers on the halal authenticity of individual products.

7. Key Players in Halal Ingredients

25 “Dagang Halal—The Ecommerce Pioneer Helping Create Global Islamic Economy Brands,” Salaam Gateway, http://digital.salaamgateway.com/en/digital/story/ CASE_STUDYDaganghalal_the_halal_ecommerce_pioneer_helping_create_global_Islamic_Economy_brands-SALAAM08052016030221/, accessed on 25 May 2016.26 “Zilzar Chasing Alibaba,” Salaam Gateway, http://digital.salaamgateway.com/en/digital/story/Zilzar_chasing_Alibaba-SALAM04092015105123/, accessed on 25 May 2016.27 “Aladdin Street, M’Sia’s First Halal E-commerce Platform, Sets Sight on the World,” Web in Travel, 2016.

Company Year Founded HQ Description

Dagang Halal 2007 Malaysia

Overview and core focus: DagangHalal is a publicly listed halal trading B2B platform with a business directory of importers and exporters. The company also has a Halal Verification Engine to ensure the authenticity of halal products.Key markets, scale, and developments:

The platform has a global remit, but with a large proportion operating in Southeast Asia. There are over 21,000 halal products from over 4,000 sellers, including ingredients

manufacturers across food, pharmaceutical products, and cosmetics. DagangHalal was listed on London’s ISDX Growth Market Exchange in April 2016,

achieving a valuation of over $20 million and raising $6.1 million.25

Zilzar 2014 Malaysia

Overview and core focus: Zilzar is a Muslim lifestyle B2B and B2C trading platform founded in 2014 in Malaysia. It is broader in product focus than DagangHalal. All of Zilzar’s products and sellers are verified by certification bodies. Key markets, scale, and developments:

The company currently has nearly 25,000 suppliers, including distributors, manufacturers, restaurants, sole agents, and trading companies. There are also over 30,000 products listed on Zilzar.com.

With over 1 million sellers listed on their database, the company plans to scale significantly and become one of the leading players in the broader Islamic economy across all key lifestyle sectors.26

Aladdin Street 2015 Malaysia

Overview and core focus: Aladdin Street is a startup founded in 2015 in Malaysia that aims to cover both B2B and B2C halal markets. Key markets, scale, and developments:

Aladdin Street plans to accommodate 1,500 merchants and 30,000 products online. The company secured $5 million in investments in 2015.27

Alibaba 1999 China

Overview and core focus: Alibaba is one of the leading B2B e-commerce players globally, with revenues of $15.2 billion in 2015. Key markets, scale, and developments:

Alibaba has attracted over 1,800 halal suppliers; however, many of them are self-declared and their authenticity has not necessarily been verified.

Scan Halal 2015 United

States

Overview and core focus: Scan Halal is a mobile app launched in 2015 in the United States to deliver information on sources of food ingredients to provide improved dietary choices. Key markets, scale, and developments:

The app has over 750,000 barcodes and over 4.9 million products scanned globally. Scan Halal had 9,000 downloads in April 2015.


7.2 Ingredients manufacturersThis report has identified 332 halal ingredient manufacturers across food, cosmetics, and pharmaceuticals.

The list is heavily weighted towards food ingredients manufacturers, which account for 288 manufacturers, with the remainder focused on cosmetics or pharmaceutical products.

The list, which is further detailed in the Appendix, is illustrative and not exhaustive. It has been developed based on a review of the halal compliance of the largest ingredients manufacturers across food, pharmaceutical products, and cosmetics (exceeding $1 billion in revenues), and supplemented by a detailed review of ingredients players listed on the websites of IFANCA, the Halal Food Authority, Zilzar, DagangHalal, and 20 more halal certification bodies internationally. Ingredients Manufacturers have also been added from general online research and ingredients supplier index websites including CPHI Online.

According to data captured from four resources, the markets with the highest number of halal ingredients manufac-turers, in descending order, are Malaysia, China, the United Kingdom, Thailand, and Singapore.

Table – Halal ingredients manufacturers by country and sub-sector

Country Number of manufacturers Key sub-sectors Illustrative Players

Malaysia 92Seasonings and condiments (53)Baking ingredients (11)Flavors (10)

Tech Food Ingredients Sdn Bhd (bakeries)Nashmir Capsule Sdn Bhd (gelatin)Bidara Herba Niaga (flavors)

China 66Seasonings and condiments (18)Food additives (12)Flavors (10)

Xiamen Gelken Gelatin Co., Ltd. (gelatin)Kingherbs Limited (flavors)Bionature Co., Ltd. (nutrient additives)

United Kingdom 44

Food additives and flavors (40)Seasonings and condiments (18)

Aromco Ltd. (food additives and flavors)Polish Specialties Ltd. (seasonings and condiments)

Thailand 36Seasonings and condiments (21)Flavors (8)Food additives (3)

Rajburi Sugar Co. Ltd. (flavors)Lanna Products Co. Ltd. (seasonings and condiments)

Singapore 25Bakeries (7)Cooking oil (6)Seasonings and condiments (6)

Meng Chong Foodstuffs Pte Ltd. (flavors)Thong Siek Food Industry Pte Ltd. (bakeries)

Other 69Seasonings and condiments (17)Food additives and flavors (13)Flavors and fragrances (8)

Canada: Griffiths Laboratories Ltd. (food additives)Turkey: Amylum Nisasta San. Ve Tic A.S. (food additives)Spain: ArteOliva (seasonings and condiments)Indonesia: PT. Hakiki Donarta (seasonings and condiments)

Total 332



OPPORTUNITIES


8.1 Opportunities across stakeholder typesHalal certification will become increasingly important for ingredients manufacturers to access a consum-er base of close to 2 billion Muslims and a majority of the 57 OIC markets, that are driven by increasing awareness of haram ingredients among Muslim consumers and by Muslim countries’ increasing scrutiny of imported products.

With the halal ingredients industry set for growth, there are significant opportunities for stakeholders, including companies, investors, regulators, and intermediaries such as e-commerce platforms, education providers, and app developers to address the lucrative halal market opportunity.

Source: DinarStandard analysis

Figure – Halal ingredients opportunities across key stakeholder types

8. Opportunities


8.2 CompaniesCompanies across the food, pharmaceutical products, and cosmetics value chain have numerous opportunities to access or increase their penetration of halal markets, either organically or through acquisition.

Organically developing halal operations Many leading multinational players have developed halal operations organically through preparation, hiring suitable halal technical personnel and securing certification. Leading companies such as Nestlé, Abbott, and Cargill have undertaken this process to access key OIC export markets.

The challenge with this approach is that companies must go through a learning process, with a thorough understand-ing of the rules and regulations behind halal. Stephan Heck observed, “You need to think completely different[ly] when you address the halal opportunity if you want to really succeed. When you take your ordinary Western way of thinking and try to apply to the halal market, you will fail.”

David Ventura of Grupo Carinsa added, “The halal food market is a significant and attractive opportunity, but you need to be prepared to make major adjustments to the production process and to understand the requirements across different Muslim countries—their requirements are definitely not all the same.”

Acquiring halal capabilitiesWhile there are few examples of halal ingredients manufacturers being acquired, acquisitions in food and pharma-ceutical products in related industries have served a valuable function in expanding product capabilities and market access.

One such notable example is the acquisition of Linxia Qingheyuan Halal Food Company Ltd. by Beijing Shunxin Ag-riculture Company Ltd. in 2014 for $220 million, which helped the latter develop halal capabilities and gain access to the Muslim consumer market.28

There are several benefits to mergers and acquisitions:

It broadens a company’s capabilities and reduces costs from contracting with external suppliers.

It helps to expand into new OIC markets and acquire existing contracts and customers as well as established halal-certified operations.

A key challenge in acquiring companies is to conduct robust due diligence on their halal operations to ensure that certification has been carried out by a well-recognized certifier, that the halal certificates are valid, and that the company is compliant with key export market requirements. DagangHalal’s Halal Verified Engine is an example of a potential application that can conduct due diligence on potential halal acquisition targets.

Potentially attractive market segments to seek are colorants, flavors, and fragrances. David Ventura commented, “Flavors and fragrances are such fundamental industries but [are] often overlooked. There are hundreds of ingredients that go into these, and there is a need to develop halal versions of these for the end consumers.”

Adding to his discussion of opportunities, David Ventura continued, “There is such a problem with colorants—especially with carmine coming from insects. We have been speaking with Dulcesol, a sweets manufacturer that is addressing the halal opportunity, and the industry really needs an alternative colorant that is halal and achieves similar results.”

28 “Global Halal Food M&A Activity and Opportunities,” Salaam Gateway, 2016.


8.3 Investors

Acquire halal ingredients manufacturersPrivate equity firms play a key role as investors across the food, cosmetics, and pharmaceutical products industry. The ingredients industry is particularly attractive due to the sustained demand for products and the general growth across the industries.

In the halal ingredients industry, while there are sizeable multinational players headquartered in non-OIC markets ad-dressing the halal opportunity, there is significant scope for international brands across the halal food, cosmetics, and pharmaceutical industries, as well as multinational, OIC-based players addressing the core demand for halal ingredients.

Regarding the need for OIC-based ingredients suppliers, Stephan Heck commented, “In many Muslim countries, there is a lack of technical expertise and capital, which are both abundant in Western countries. Halal is a process that many leading multinationals are willing to learn.”

Private equity players can play a key role in the creation not only of global halal brands but also of sizeable OIC-based halal ingredients manufacturers.

Pursue value creation in portfolio companiesThere are a number of growth opportunities in creating leading players:

Undertaking multiple acquisitions to create larger, more cost-efficient companies

Undertaking rigorous marketing efforts to reach more customers, and to provide better education to consumers, raising awareness and demand for Halal products

European-based Motion Equity Partner’s (MEP) investment in ingredients manufacturer Diana serves as a highly relevant case study for prospective halal ingredients manufacturers.

MEP acquired France-based Diana in 2004 for €270 million ($300 million). Post-acquisition, the company embarked on an aggressive expansion plan.

Diana also grew through making six acquisitions of ingredients companies between 2004 and 2014, the period during which MEP invested in the company. The acquisitions included Confoco in Ecuador, Pacific Pure Aid in the U.S., and multinational ingredients manufacturer Givaudan’s vegetables, wines and extracts range.

Diana was sold in 2014 to Symrise, a leading global ingredients manufacturer. By this time, sales had reached €447 million ($488 million).29

29 www.motionequitypartners.com, accessed on 24th May, 2016


8.4 Regulators and intermediaries

Actively facilitate halal certification There is substantial opportunity for halal certification bodies and training firms to identify and reach out to potential halal companies and help leading multinationals gain better access.

While there are limitations in the global regulation of halal food, given the broad range of standards across different markets, there is significant scope to offer industry training and to help prepare prospective halal market participants.

Fe Jazzareen Mor Jappar Khan notes, “There is so much need for halal training because of the complexity and far-reaching requirements to comply with halal, and this is a large opportunity.”

There are a number of firms providing halal certification and process training globally, such as UAE-based Raqam Consultancy, Malaysia-based Persis Management (approved by the Department of Standards of Malaysia), and Sin-gapore-based Warees Halal, which is a wholly-owned subsidiary of the sole and national halal certifier MUIS.

There is also a greater imperative for OIC importing countries to extend the requirement for certification to interme-diate producers. David Ventura commented on the current lack of certification requirements in OIC markets: “Quite often when we export to OIC countries, we are not asked to provide halal certificates but rather provide assurances that we have followed key aspects of the halal process, such as not using alcohol or pork in our production process. However, for kosher, we always need to provide certificates. There is a gap in halal requirements.”

DatabaseThere is a substantial opportunity to build a list of halal certifiers and connect different industry players.

With the emergence of e-commerce platforms such as DagangHalal, Zilzar, and Aladdin Street, which actively work with certifiers to verify the halal status of companies listed on their platform, vital connections are being made be-tween manufacturers and ingredients suppliers. However, there are still significant gaps in the global halal marketplace in finding easily accessible lists of halal suppliers, especially for suppliers from OIC markets.

Stephan Heck commented, “There really does need to be something like a reliable list. It’s very hard to find a reliable halal supplier. In kosher it’s much easier because rabbinical organizations have a database and give us advice when we assess suppliers. For halal, it is much less organized, and essentially differs by export market. This is a key area to address.”

Fe Jazzareen Mor Jappar Khan also commented, “There is nothing like a digitized list of global halal suppliers. This is something the market badly needs. Now, you may go through the e-commerce sites or the different websites for halal certifiers, but it’s a very difficult task.”


9. Appendix

Halal Ingredient Manufacturer name Country Sector Subsector

Sederma Inc. France Cosmetic Ingredients Cosmetic Ingredients

Solvay France Cosmetic Ingredients Cosmetic Ingredients

BASF SE Germany Cosmetic Ingredients Cosmetic Ingredients

Sumitomo Chemical Co. Japan Cosmetic Ingredients Cosmetic Ingredients

Ashland Inc. USA Cosmetic Ingredients Cosmetic Ingredients

The Dow Chemical Company USA Cosmetic Ingredients Cosmetic Ingredients

Symrise Germany Cosmetic Ingredients Flavors and Fragrances

Givaudan USA Cosmetic Ingredients Flavors and Fragrances

Kingherbs Limited China Food / Pharma / Cosmetics Ingredients

Flavors

AOBA TRADING CO., LTD. Japan Food / Pharma / Cosmetics Ingredients

Food Additives

Grupo Carinsa Spain Food and Cosmetic Ingredients Flavors and Fragrances

Qingdao Xingsi Food Co.,Ltd. China Food and Pharma Ingredients Flavors

Suci Harumatiques Sdn. Bhd. Malaysia Food and Pharma Ingredients Flavors

Xiamen Hyfine Gelatin China Food and Pharma Ingredients Food Additives

Luohe Wulong Gelatin Co., Ltd. China Food and Pharma Ingredients Gelatin

Mega (Xiamen) Imp. And Exp. Co., Ltd. China Food and Pharma Ingredients Gelatin

Restar Gelatin (Xiamen) Co., Ltd. China Food and Pharma Ingredients Gelatin

Xiamen Gelken Gelatin Co.,Ltd. China Food and Pharma Ingredients Gelatin

Xiamen Hyfine Gelatin Co.,Ltd. China Food and Pharma Ingredients Gelatin

Zibo Ouchang Gelatin Sales Co.,Ltd China Food and Pharma Ingredients Gelatin

Aria Gelatin Co. Iran Food and Pharma Ingredients Gelatin

Faravari Darooi Gelatin Halal (FDGH) Iran Food and Pharma Ingredients Gelatin

Wuhan Meilongda Chemical Co., Ltd China Food and Pharma Ingredients Seasonings and Condiments

Halagel (M) Sdn. Bhd. Malaysia Food and Pharma Ingredients Seasonings and Condiments

Allied Biotech Corporation Taiwan Food and Pharma Ingredients Food Additives

Henan Green Chemical Co.,Ltd. China Food Ingredients Bakeries Ingredients

Jiangmen Goody's Food Co Ltd China Food Ingredients Bakeries Ingredients

Shanghai Yueda New Industrial Group Co., Ltd.

China Food Ingredients Bakeries Ingredients

9.1 ListThe following global list of 332 halal ingredient manufacturers is an illustrative list gathered from websites including IFANCA, the Halal Food Authority, Zilzar, DagangHalal, and 20 more halal certification bodies internationally. Ingredients manufacturers have also been added from general online research and ingredients supplier index websites including CPHI Online.



Zhuhai Tianxiangyuan BIotechnology & Development Co.,Ltd

China Food Ingredients Bakeries Ingredients

Sakurai Foods Co.,Ltd. Japan Food Ingredients Bakeries Ingredients

Guan Chong Cocoa Manufacturer Sdn. Bhd.

Malaysia Food Ingredients Bakeries Ingredients

H&J Global Trading Malaysia Food Ingredients Bakeries Ingredients

Incube Edible Oil Industries (M) Sdn. Bhd.

Malaysia Food Ingredients Bakeries Ingredients

Kerry Ingredients (M) Sdn Bhd Malaysia Food Ingredients Bakeries Ingredients

Koko Budi Sdn Bhd Malaysia Food Ingredients Bakeries Ingredients

LC Maize Manufacturing Sdn. Bhd. Malaysia Food Ingredients Bakeries Ingredients

Shahrinie Foods Industries Malaysia Food Ingredients Bakeries Ingredients

Soy Products (Malaysia) Sdn Bhd Malaysia Food Ingredients Bakeries Ingredients

Starksten Enterprise Malaysia Food Ingredients Bakeries Ingredients

Total Bun Supplies Sdn. Bhd. Malaysia Food Ingredients Bakeries Ingredients

Wann Trading Corporation Sdn Bhd Malaysia Food Ingredients Bakeries Ingredients

Adeka (Singapore) Pte Ltd Singapore Food Ingredients Bakeries Ingredients

Connectasia Pte LtdÃ‚Â Singapore Food Ingredients Bakeries Ingredients

Heng Guan Food Industrial Pte Ltd Singapore Food Ingredients Bakeries Ingredients

Sweetest Moments Pte Ltd Singapore Food Ingredients Bakeries Ingredients

Tan Soon Mui Food Industries Singapore Food Ingredients Bakeries Ingredients

Thong Siek Food Industry Pte Ltd Singapore Food Ingredients Bakeries Ingredients

Tri Gateway Exports Singapore Food Ingredients Bakeries Ingredients

Sing Thai Food Import Export Thailand Food Ingredients Bakeries Ingredients

Hayat Gida Sanayi A.S. Turkey Food Ingredients Bakeries Ingredients

Jiangmen Goody's Food Co., Ltd. China Food Ingredients Bakeries Ingredients

TECH FOOD INGREDIENTS SDN BHD Malaysia Food Ingredients Bakeries Ingredients

Nice Victory Sdn Bhd Malaysia Food Ingredients Chocolate

IMBAREX SA Peru Food Ingredients Colors

NISSHIN SHOKAI Japan Food Ingredients Cooking Oil

Nisshin Shokai Co.,Ltd Japan Food Ingredients Cooking Oil

Alami Technological Services Sdn Bhd Malaysia Food Ingredients Cooking Oil

Erapoly Global Sdn Bhd Malaysia Food Ingredients Cooking Oil

Erapoly Marketing Sdn Bhd Malaysia Food Ingredients Cooking Oil

Erapoly Sdn Bhd Malaysia Food Ingredients Cooking Oil

Ghee Hiang Manufacturing Co. Sdn Bhd

Malaysia Food Ingredients Cooking Oil

Sidick General Trading (M) Sdn. Bhd. Malaysia Food Ingredients Cooking Oil

A-Linkz Marketing Pte Ltd Singapore Food Ingredients Cooking Oil

CHEE SENG OIL FACTORY Singapore Food Ingredients Cooking Oil



Oh Guan Hing Sesame Oil Factory Singapore Food Ingredients Cooking Oil

Oh Huat Hin Sesame Oil Manufacturer Singapore Food Ingredients Cooking Oil

Sri Vinayaka Exports Pte Ltd Singapore Food Ingredients Cooking Oil

Yee Lee Oils & Foodstuffs (S) Pte Ltd Singapore Food Ingredients Cooking Oil

Mueloliva y Minerva S.L. Spain Food Ingredients Cooking Oil

Chambavill Company Limited Thailand Food Ingredients Cooking Oil

Sunflower Agro Co. Ltd. Thailand Food Ingredients Cooking Oil

Dietrich's Milk Products LLC USA Food Ingredients Dairy

Incube Edible Oil Industries (M) Sdn Bhd Malaysia Food Ingredients Food Additives

Fooding Group Limited China Food Ingredients Flavors

Gansu Dunhung Seed China Food Ingredients Flavors

Guangzhou X-Kev Food Additive Co., Ltd.

China Food Ingredients Flavors

Hangzhou Boduo Industrial Trade China Food Ingredients Flavors

Qingdao Lambert Holdings Co., Ltd. China Food Ingredients Flavors

Shandong Tianlvyuan Tomato Products Co., Ltd.


Wuhan Sunhe Import and Export Trade Co., Ltd.


Yangjiang ShineGold Food Ingredients China Food Ingredients Flavors

Kerry Group Ireland Food Ingredients Flavors

Bidara Herba Niaga Malaysia Food Ingredients Flavors

Flavo Blitz Sdn Bhd Malaysia Food Ingredients Flavors

G.K. INGREDIENTS (M) SDN BHD Malaysia Food Ingredients Flavors

Ghoniyyun Sdn. Bhd. Malaysia Food Ingredients Flavors

Jalen Sdn. Bhd. Malaysia Food Ingredients Flavors

Meridian Resources Malaysia Food Ingredients Flavors

Persatuan Nelayan Kawasan Buntal Malaysia Food Ingredients Flavors

Seni Sajian Sdn Bhd Malaysia Food Ingredients Flavors

Universal Food Ingredients Sdn Bhd Malaysia Food Ingredients Flavors

Royal DSM Netherlands Food Ingredients Flavors

Asia Dessert Pte Ltd. Singapore Food Ingredients Flavors

Meng Chong Foodstuffs Pte Ltd Singapore Food Ingredients Flavors

Spectrum Ingredients Pte Ltd Singapore Food Ingredients Flavors

Auntie GG.Co.,Ltd. Thailand Food Ingredients Flavors

Phiboonchai Maepranom Thai Chili Paste Co., Ltd.

Thailand Food Ingredients Flavors

Rajburi Sugar Co Ltd Thailand Food Ingredients Flavors

Sanabil Halal Foods Thailand Food Ingredients Flavors

Sunsauce Foods Industrial Corp., Ltd. Thailand Food Ingredients Flavors



Suree Interfoods Co., Ltd. Thailand Food Ingredients Flavors

Thai Foods Product International Co.,Ltd

Thailand Food Ingredients Flavors

Thai President Foods Public Co. Ltd. Thailand Food Ingredients Flavors

Tunckaya Kimyevi Maddeler Tic. ve San. A.S.

Turkey Food Ingredients Flavors

Neil Jones Food Company USA Food Ingredients Flavors

WHAKYUNG CO., LTD. South Korea Food Ingredients Flavors and Sauces

A.M Food Chemical (Jinan) Co., Limited China Food Ingredients Food Additives

DaXingAnLing Gadol Sports ingredient CO.,LTD

China Food Ingredients Food Additives

Guangzhou rikewei Chemical Co., Ltd China Food Ingredients Food Additives

Hebei Golden Tiger Trade Co., Ltd China Food Ingredients Food Additives

HEBEI HUAYUAN PEPPER INDUSTRY CO.,LTD


Hunan Jiali International Trade Corporation Limited


Qingdao Tianjiayao Import and Export Co., Ltd.


Shenzhen Tangzheng Bio-Tech Co., Ltd.


Sinoright International Trade Co Ltd China Food Ingredients Food Additives

Tianjin Sino Kibbutz Technology Co., Ltd.


Zhucheng Dongxiao Biotechnology Co.,Ltd


KIMICA Corporation Japan Food Ingredients Food Additives

Paradise Plan Co.,Ltd Japan Food Ingredients Food Additives

ECOLEX SDN BHD Malaysia Food Ingredients Food Additives

Ossa Venture Sdn Bhd Malaysia Food Ingredients Food Additives

CHENG YEW HENG CANDY FACTORY Singapore Food Ingredients Food Additives

Futura IngredientsSingapore Pte Ltd Singapore Food Ingredients Food Additives

Agri Processing Industry Co Ltd Thailand Food Ingredients Food Additives

Bornnet Corporation Co.,Ltd. Thailand Food Ingredients Food Additives

GraceInterprise Co.,Ltd. Thailand Food Ingredients Food Additives

Chemviron Carbon Limited Belgium Food Ingredients Food Additives and Flavors

Griffiths Laboratories Ltd Canada Food Ingredients Food Additives and Flavors

Alland & Robert France Food Ingredients Food Additives and Flavors

Aureo Co. Ltd Japan Food Ingredients Food Additives and Flavors

Amylum Nisasta San. Ve Tic A.S. Turkey Food Ingredients Food Additives and Flavors

Unilecithin Group FZC UAE Food Ingredients Food Additives and Flavors

AarhusKarlshamns (UK) Limited UK Food Ingredients Food Additives and Flavors



AB Foods Polska UK Food Ingredients Food Additives and Flavors

AB MAURI UK & IRELAND Ltd (Corby & Royston Plants)

UK Food Ingredients Food Additives and Flavors

AB World Foods UK Food Ingredients Food Additives and Flavors

Agrigum International Ltd UK Food Ingredients Food Additives and Flavors

Aromco Ltd UK Food Ingredients Food Additives and Flavors

Arthur Branwell & Co. Ltd UK Food Ingredients Food Additives and Flavors

Basildon Chemical Company Ltd UK Food Ingredients Food Additives and Flavors

De Monchy Aromatics Limited UK Food Ingredients Food Additives and Flavors

Esterchem Limited UK Food Ingredients Food Additives and Flavors

F D Copeland & Sons Ltd UK Food Ingredients Food Additives and Flavors

Frutarom UK Ltd UK Food Ingredients Food Additives and Flavors

Fuerest Day Lawson ltd UK Food Ingredients Food Additives and Flavors

Hosokawa Micron Ltd UK Food Ingredients Food Additives and Flavors

International Taste Solutions UK Food Ingredients Food Additives and Flavors

Jas Bowman & Sons Ltd UK Food Ingredients Food Additives and Flavors

Lionel Hitchen (Essential Oils) UK Food Ingredients Food Additives and Flavors

Lycored Limited UK Food Ingredients Food Additives and Flavors

Macphie of Glenbervie Ltd UK Food Ingredients Food Additives and Flavors

Mondelez UK Ltd UK Food Ingredients Food Additives and Flavors

Muntons Plc UK Food Ingredients Food Additives and Flavors

Newly Weds Foods Ltd UK Food Ingredients Food Additives and Flavors

Ornua Ingredients UK UK Food Ingredients Food Additives and Flavors

Pasta King (UK) Ltd UK Food Ingredients Food Additives and Flavors

Penn White Ltd UK Food Ingredients Food Additives and Flavors

Polynt UK Ltd UK Food Ingredients Food Additives and Flavors

Pura Food Ltd UK Food Ingredients Food Additives and Flavors

Scobie & Junor Ltd UK Food Ingredients Food Additives and Flavors

SIP Ltd UK Food Ingredients Food Additives and Flavors

Specialty Powders Ltd t/a ATL UK Food Ingredients Food Additives and Flavors

Stephenson Group Ltd UK Food Ingredients Food Additives and Flavors

Superior Powders Ltd UK Food Ingredients Food Additives and Flavors

The Brecks Co. Ltd UK Food Ingredients Food Additives and Flavors

The Dalesman Group UK Food Ingredients Food Additives and Flavors

The Ingredient Worx UK Food Ingredients Food Additives and Flavors

Thew Arnott & Co UK Food Ingredients Food Additives and Flavors

UK Blending Ltd UK Food Ingredients Food Additives and Flavors

Ungerer Limited UK Food Ingredients Food Additives and Flavors



Vydex Corporation Ltd UK Food Ingredients Food Additives and Flavors

Witwood Food Products UK Food Ingredients Food Additives and Flavors

Mars, Incorporates USA Food Ingredients Food Additives and Flavors

MannaFibre Co Sdn Bhd Malaysia Food Ingredients Food Additives

Allberry House Ltd New Zealand Food Ingredients Food Additives

Taura Natural Ingredients Ltd New Zealand Food Ingredients Food Additives

National Foods Limited Pakistan Food Ingredients Food Additives

Henan Boom Gelatin Co., Ltd. China Food Ingredients Gelatin

Xiamen Huaxuan Gelatin Co., Ltd China Food Ingredients Gelatin

Promolac Espana S.A. Spain Food Ingredients Gelatin

A9Bio Co Ltd Thailand Food Ingredients Gelatin

Bionature Co., Ltd. China Food Ingredients Nutrient Additives

Great Vision International Inc. China Food Ingredients Nutrient Additives

King Union Group Corp. China Food Ingredients Nutrient Additives

Tangshan Top Bio-technology Co.,Ltd China Food Ingredients Nutrient Additives

Shanpar Industries Pvt Ltd India Food Ingredients Nutrient Additives

Futamura Chemical Co.,Ltd.Futamura Chemical Co.,Ltd.

Japan Food Ingredients Nutrient Additives

Toyohashi Ryoshoku Industry Co., Ltd. Japan Food Ingredients Nutrient Additives

Nutrition Enhancement USA Food Ingredients Nutrient Additives

Super Continental Pte Ltd Singapore Food Ingredients Replacers

A. Darbo AG Austria Food Ingredients Seasonings and Condiments

Anhui Qiangwang Flavouring Food Co., Ltd.

China Food Ingredients Seasonings and Condiments

Anhui Zhenweiqi Seasoning Food Co.Ltd


Beijing Shipuller Co., Ltd. China Food Ingredients Seasonings and Condiments

Chongqing Feiya Industrial Co., Ltd China Food Ingredients Seasonings and Condiments

Chongqing Jiahe Food Co., Ltd. China Food Ingredients Seasonings and Condiments

Hangzhou Comtrue Trading Co., Ltd. China Food Ingredients Seasonings and Condiments

Hebei Chubo Food Trade Co., Ltd. China Food Ingredients Seasonings and Condiments

Hebei Qianlv Import & Export Trading Co., Ltd.


Hebei Tomato Industry Co., Ltd. China Food Ingredients Seasonings and Condiments

Hefei Xintudi Import and Export Co., Ltd.


Heles International Trading China Food Ingredients Seasonings and Condiments

Qingdao Boon Foods Co., Ltd. China Food Ingredients Seasonings and Condiments

Qingdao Turuide Industry and Trade Co.,Ltd.




Shanghai Uniac Industrial Co., Ltd. China Food Ingredients Seasonings and Condiments

Sinochem Qingdao Biotech Co. Ltd. China Food Ingredients Seasonings and Condiments

Tianjin Kunyu International Co., Ltd. China Food Ingredients Seasonings and Condiments

Zhongshan Kwangna Import & Export Co., Ltd.


PT. Hakiki Donarta Indonesia Food Ingredients Seasonings and Condiments

PT. Tunggak Waru Semi Indonesia Food Ingredients Seasonings and Condiments

Azhar Halal Foods Japan Japan Food Ingredients Seasonings and Condiments

COSMO FOODS Co., Ltd. Japan Food Ingredients Seasonings and Condiments

Ichibiki Co., Ltd. Japan Food Ingredients Seasonings and Condiments

Igagoe Co., Ltd. Japan Food Ingredients Seasonings and Condiments

IMURAYA SEASONING CO., LTD. Japan Food Ingredients Seasonings and Condiments

Kinjirushi Co., Ltd. Japan Food Ingredients Seasonings and Condiments

MARUSAN-AI Co., Ltd. Japan Food Ingredients Seasonings and Condiments

MUSO co., Ltd. Japan Food Ingredients Seasonings and Condiments

Ninomiya Ltd Japan Food Ingredients Seasonings and Condiments

S&B Foods Inc. Japan Food Ingredients Seasonings and Condiments

The Marujyu Soysauce & Seasoning Corporation

Japan Food Ingredients Seasonings and Condiments

A1 Best One Food Industry Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Adabi Consumer Industries Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Adami Food and Spices Industries Sdn. Bhd.

Malaysia Food Ingredients Seasonings and Condiments

AKS Sai Enterprise Malaysia Food Ingredients Seasonings and Condiments

Alinah Karim Enterprise Malaysia Food Ingredients Seasonings and Condiments

Al-Qudrah Spices Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Amisan Products (M) Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Asia Food Product.Com (M) Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

BABA Products (M) Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Besta Manufacturers Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Bidor Kwong Heng Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

CareFood Industries Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Central Sugars Refinery Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Faiza Marketing Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Fragrance Victory Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Frezfruta Jam Manufacturing Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Gaban Spice Manufacturing (M) Sdn. Bhd.


Glow-San Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

GM Food Industries Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments



Hajee Essa Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Hazra Jaya Food Enterprise Malaysia Food Ingredients Seasonings and Condiments

HERBagus Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Heritage Food Network Malaysia Food Ingredients Seasonings and Condiments

HOTSB Marketing Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Hua Chan Sauce Factory (Miri) Sdn. Bhd.


Irfaz Exports Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Kampong Koh Sauce (M) Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Kampong Kravers (M) Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

LEE KUM KEE (MALAYSIA) FOODS SDN BHD


Lifestyle Ventures Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

LINACO Group Malaysia Food Ingredients Seasonings and Condiments

Lingham & Sons (M) Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Masbest Food Industries Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Miwi Online Enterprise Malaysia Food Ingredients Seasonings and Condiments

Muhazrin Holdings Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Nazoha Enterprise Malaysia Food Ingredients Seasonings and Condiments

Perniagaan Al-Hikmah Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Region Food Industries Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Sasis Food Enterprise Malaysia Food Ingredients Seasonings and Condiments

SCC Food Manufacturing Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Sri Lazat Food Industrial Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Syarikat Nur Pergam Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

SYARIKAT SALMI HJ. TAMIN SDN. BHD.


Taiwan Trade Center, Inc. Malaysia Food Ingredients Seasonings and Condiments

ThaiPreeda Trading Malaysia Food Ingredients Seasonings and Condiments

Tropical Food Industries Malaysia Food Ingredients Seasonings and Condiments

Unique Food Stuff & Trading Malaysia Food Ingredients Seasonings and Condiments

Wan Malinja Food Industries Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Yakin Sedap Sdn. Bhd. Malaysia Food Ingredients Seasonings and Condiments

Zinon Food Industry Sdn Bhd. Malaysia Food Ingredients Seasonings and Condiments

Zubir Food Sdn Bhd Malaysia Food Ingredients Seasonings and Condiments

Zweyn Enterprise Malaysia Food Ingredients Seasonings and Condiments

BEN FOODS (S) PTE LTD Singapore Food Ingredients Seasonings and Condiments

Chuen Cheong Food Industries Pte Ltd Singapore Food Ingredients Seasonings and Condiments

M Max Marketing Singapore Food Ingredients Seasonings and Condiments



Oh Aik Guan Food Industrial Pte Ltd Singapore Food Ingredients Seasonings and Condiments

SING LONG FOODSTUFF TRADING CO

Singapore Food Ingredients Seasonings and Condiments

Tungsan Food Industries Pte. Ltd. Singapore Food Ingredients Seasonings and Condiments

ArteOliva Spain Food Ingredients Seasonings and Condiments

Ferrer Tradicional, S.A. Spain Food Ingredients Seasonings and Condiments

Anima International (Thailand ) Co., Ltd Thailand Food Ingredients Seasonings and Condiments

Arcadia Foods Co Ltd Thailand Food Ingredients Seasonings and Condiments

Artchit International Pepper & Spice Co Ltd

Thailand Food Ingredients Seasonings and Condiments

Exotic Food PCL. Thailand Food Ingredients Seasonings and Condiments

Fine Food Capital Co. Ltd. Thailand Food Ingredients Seasonings and Condiments

Food Specialize Co., Ltd. Thailand Food Ingredients Seasonings and Condiments

Harmony Life International Co Ltd Thailand Food Ingredients Seasonings and Condiments

Juthamarth Marketing Co Ltd Thailand Food Ingredients Seasonings and Condiments

Kewpie (Thailand) Co Ltd Thailand Food Ingredients Seasonings and Condiments

KING FOOD ENTERPRISE Thailand Food Ingredients Seasonings and Condiments

Lanna Products Co Ltd Thailand Food Ingredients Seasonings and Condiments

Marine Resource Development Co Ltd Thailand Food Ingredients Seasonings and Condiments

Nesta Food Co., Ltd Thailand Food Ingredients Seasonings and Condiments

Nithifoods Co. Ltd. Thailand Food Ingredients Seasonings and Condiments

Pokthanapath Co.,Ltd Thailand Food Ingredients Seasonings and Condiments

Q Plus Food Co.,Ltd Thailand Food Ingredients Seasonings and Condiments

Siam Agro-Food Industry Public Company Limited


Somjitsamritphol Trading & Service Co.,Ltd.


Thai Theparos Food Products Plc. Thailand Food Ingredients Seasonings and Condiments

Total Food (Thailand) Co.,Ltd Thailand Food Ingredients Seasonings and Condiments

Udomkijpaisarn Co.,Ltd. Thailand Food Ingredients Seasonings and Condiments

Ginger Dragon Ltd. UK Food Ingredients Seasonings and Condiments

Polish Specialities Ltd. UK Food Ingredients Seasonings and Condiments

Secretos Mayas UK UK Food Ingredients Seasonings and Condiments

The Wooden Spoon Preserving Co. Ltd UK Food Ingredients Seasonings and Condiments

Murree BreweyCo. Ltd., Tops Food & Beverages

Pakistan Food Ingredients Soy Ingredients

Cargill USA Food Ingredients Sweeteners and Starches

ADM (Archer Daniels Midland) USA Food Ingredients Sweeteners and Starches

Ingredion USA Food Ingredients Sweeteners and Starches

AB Mauri Malaysia Sdn. Bhd. Malaysia Food Ingredients Bakeries Ingredients



HOM Quality Foods (Pvt) Ltd. Pakistan Food Ingredients Seasonings and Condiments

Sunrider International (1481) USA Food / Cosmetics Ingredients Nutrient Additives

366 Pharma (Nanjing) Co., Ltd. China Pharma Ingredients Active Pharmaceutical Ingredients

Anhui Chem-Bright Bioengineering Co., Ltd.

China Pharma Ingredients Active Pharmaceutical Ingredients

Changchun Parin Halal Pharmaceuticals China Pharma Ingredients Active Pharmaceutical Ingredients

Frandcom Industrial Co.,Ltd. China Pharma Ingredients Active Pharmaceutical Ingredients

Hangzhou Utanpharma Biology Co., Ltd.


Hubei Gedian Humanwell Pharmaceutical Co., Ltd.


Unival Company Limited China Pharma Ingredients Active Pharmaceutical Ingredients

Vega Pharma Limited China Pharma Ingredients Active Pharmaceutical Ingredients

Xi'an Natural Field Bio-Technique Co., Ltd.


Pharmazell Germany Pharma Ingredients Active Pharmaceutical Ingredients

Alchem International Limited India Pharma Ingredients Active Pharmaceutical Ingredients

Dr. Reddy's Laboratories India Pharma Ingredients Active Pharmaceutical Ingredients

Sun Pharmaceutical Industries India Pharma Ingredients Active Pharmaceutical Ingredients

Teva Pharmaceuticals Israel Pharma Ingredients Active Pharmaceutical Ingredients

Biosint S.p.A. Italy Pharma Ingredients Active Pharmaceutical Ingredients

Spiga Nord Italy Pharma Ingredients Active Pharmaceutical Ingredients

Bioscenergy International Sdn Bhd Malaysia Pharma Ingredients Active Pharmaceutical Ingredients

Biotropics Malaysia Berhad Malaysia Pharma Ingredients Active Pharmaceutical Ingredients

Halalgel (M) Sdn Bhd Malaysia Pharma Ingredients Active Pharmaceutical Ingredients

Kalan Research Sdn. Bhd. Malaysia Pharma Ingredients Active Pharmaceutical Ingredients

Novartis Switzerland Pharma Ingredients Active Pharmaceutical Ingredients

Nashmir Capsule Sdn Bhd Malaysia Pharma Ingredients Gelatin


DEVELOPED AND PRODUCED BY: IN COLLABORATION WITH:

Monthly Report Series

Addressing the Halal Ingredients Opportunity: Industry Developments

HALAL INDUSTRY

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Addressing the Halal Ingredients Opportunity: Industry Developments